No decision yet on prosecution sanction against Kanhaiya, others in sedition case: Kejriwal

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Kolkata, Jun 29: Sweet-loving Bengalis have something to cheer about in COVID-19 time as the West Bengal government decided to come out with a "sandesh" which will contain honey from Sundarbans and increase immunity, an official said on Sunday.

Cotton cheese made from cow milk will be mixed with pure honey from the Sunderbans to prepare the "Arogya Sandesh" which will also have extracts of tulsi leaves, an official of the Animal Resources Development Department said.

No artificial flavours would be added to the sweetmeat which will be available in the department's outlets in the city and neighbouring districts, he said.

The sandesh will boost the immune system as a whole but it is not a COVID-19 antidote, the official said.

Sunderbans Affairs Minister Manturam Pakhira said the honey for making Arogya Sandesh will be collected from beehives in places such as Pirkhali, Jharkhali and other parts of the Sunderbans and it will be stored in a scientific manner.

The sandesh is expected to hit the shelves in another two months and the pricing will be within the reach of the common man, the animal resources development department official said.

Earlier this month, a reputed sweetmeat chain of Kolkata came out with an "Immunity Sandesh" claiming that it contains various herbs and spices such as haldi (turmeric), tulsi, saffron, and cardamom and Himalayan honey, which will boost immunity to fight novel coronavirus.

Wayanad, Mar 3: Anguished over the alleged delay in receiving flood relief from the Kerala government, a 42-year-old man committed suicide in Wayanad district, police said on Tuesday. Sanal Kumar, a native of Thrikaipatta in Meppadi near here was found hanging inside the temporary shelter built by his friends and local people on Monday. He was among the hundreds who had lost their homes in the August 2019 floods.

His home, built on a three cent plot, had been damaged partially in 2018 floods and completely in the 2019 deluge. Family members of the deceased alleged that it was due undue delay on the part of the authorities in allotting funds for rebuilding his house that drove Kumar to take the extreme step. Kumar was hoping to get a house under the Life Mission project, sources said.

A relative said Kumar had only 3 cent of land and had lot of debts. Even the Rs 10,000 assistance promised by the state government for the flood affected, had not reached him. Since the past two years he had filed several applications for assistance and apporached many revenue authroties for the promised government assistance, but it never came, the locals alleged.

According to K K Sahad, president of Meppadi Panchayat the deceased had some other financial issues and it was not the delay in rehabilitation that made him commit suicide. "It is true that he was not included in the first list of beneficiaries under the LIFE project as he had to have "pattayam" (land records) for his land.

However, he was included in the second list, thanks to the dilution in the norms that possession was enough for those who had no 'pattayam' for their property. The amount of Rs 4 lakhs was sanctioned for him, but was delayed a bit due to some technical issues."

Wayanad MLA C K Saseendran described it as an "extremely sad" development. As Kumar had some difficulties in producing the land recrods, the authroties had been unable to include his name in the LIFE housing scheme in the first phase.

The matter has been brought before the notice of the revenue authorities, he said. Vythiri Tahsildar, Abdul Hameed, visited Kumar's relatives this morning as the family members of the deceased wanted his presence before the body was taken for post-mortem.

"There was some technical issues with regard to the land as it falls within the adhivasi reserve. But they were occupying it for long. However, the issue has been sorted out and that his family members would be getting the eligibility amount of four lakhs," Hameed said.